Tag: Worldwide

CNF earnings plunge

CNF Inc. said its earnings dropped 60% to $13.5 million, or 26 cents a share, in the first quarter as the economic slowdown took a toll on all of its businesses. The Palo Alto, Calif.-based transportation conglomerate earned $33.4 million, or 62 cents a share, in the first quarter of 2000, which included the effects of an accounting change.

CNF also warned that the present trends are likely to continue in the second quarter, with Emery Worldwide, its airfreight subsidiary, expected to post a larger operating loss, and Con-Way Transportation Services, its regional less-than-truckload business, likely to show a drop in earnings.

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